Banco Galicia Argentina, one of the largest private banks in Argentina, will sell Bitcoin, Ether, USDC and XRP through its home banking service.
Large traditional financial institutions have begun to move towards the world of cryptography, offering services and products focused on the crypto public. In this sense, Banco Galicia of Argentina, through its mobile application, will offer cryptocurrency purchase, sale and custody services.
The bank will offer Bitcoin, USD Coin, Ether and Ripple, although it has not ruled out expanding the service in the future.
Banco Galicia of Argentina launches this service after analyzing the market and the high demand from clients for this type of services. Ariel Sánchez, Investment Products Manager at Banco de Galicia, has pointed out that “more than 90% of people say they know about cryptocurrencies and many of them even see them as an investment and the financial future.”
The cryptocurrencies with which Banco de Galicia begins its service are those that it has classified as “projects with practical uses such as blockchains, smart contracts, ledgers and others.” The entity is looking for popular and liquid cryptocurrencies, in order to be able to offer liquidity to its own clients. In addition, the proposal aims to offer greater security to clients.
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The infrastructure for this service will be offered by Lirium, which will also be responsible for providing cryptocurrencies to the entity. Thus, Banco de Galicia will actually leave the purchase, custody and sale of cryptocurrencies in the hands of this company. For its part, the bank will offer the security and liquidity necessary for the service to be offered.
Banco de Galicia Argentina will create a segregation of funds and will function, in some cases, as a certified custodian. For its part, Lirium will work with international exchanges.
Furthermore, as the bank still considers cryptocurrencies to be highly volatile assets, it recommends this service only to clients with an investor profile between “moderate” and “risky”.
Brubank, the digital bank will also sell cryptocurrencies
Banco de Galicia Argentina will not be the only entity to sell cryptocurrencies in the Andean country, since Brubank has also started selling Bitcoin, Ether, USD and DAI, in this case completely digitally.
In this case, the entity has not enabled this functionality for all its users, but it will be implemented progressively. Once the functionality is enabled, users will receive a notification and will be able to see the functionality from the “Investments” section.
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